Celtic Pharma to set up UK biotech fund for drug developers

Published: 28-Dec-2007
Media Research & Development

Celtic Pharma, a global private equity firm focused on the pharmaceutical industry, will launch a fund in the UK for the biotech industry, according to Reuters.


Celtic Pharma, a global private equity firm focused on the pharmaceutical industry, will launch a fund in the UK for the biotech industry, according to Reuters.

Joe Mayo, former chief finance officer at Marconi and Zeneca, will be head of the fund that will be used to support smaller research companies working on new drugs.

"They don't have the money and they don't have the people. Our job is to support them in handling relations with regulators, designing clinical trials and in sorting out their manufacturing," Mayo said.

It is hoped the fund, which will be organised alongside a similar scheme in the US, will raise £740m for the pharmaceuticals industry.

The fund will be used to provide support with the early stages of drug development, with Celtic primarily looking to invest in products undergoing Phase I clinical trials.

Celtic Pharma is based in Bermuda, and also has offices in New York and London.

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